http://www.nbr.co.nz/article/failed-...0Last%2520Call
... I think I read about the case already earlier and from memory the 2.4M have been already in the "impaired" basket. However reading this article it sounds like they can completely write it off.
Creditors are owed $3.4 million, which receivers – who found stock and invoices had been overstated – say will not be paid. Secured creditor Heartland Bank, through its subsidiary Marac Finance, is still owed $2.376 million. Inland Revenue is owed $85,000 and Customs is owed $16,000.
Just wondering - is the business environment already that bad that Heartland (or Marac) have a need to deal with (and lose money of) such "colourful" personalities?